I prefer Sound Forge for my audio tweaking but I do own Adobe Soundbooth and recently needed to remove some static microphone noise. Soundbooth is really amazing in this department. You can isolate coughs etc and remove them effectively without messing up the rest of the audio.
You can also do this in Sound Forge but you're also able to complete most Audio edits in Vegas.
Nearly all NLE's do the same thing as the other.
Same as nearly all DAW's do the same thing as the other.
Gone are the days of "You've got to have Avid or Pro Tools."
In are the days of "You've just got to know what you're doing." -or- punch it up on the net and find out how.
sync2rhythm, it's my understanding that Soundbooth is closer to iZotope than it is to Sound Forge so it's better at removing problem noises like this.
I'm not putting Vegas or Sound Forge down as I own and like both of them but there are times that you need to reach for another tool.